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? $1 trillion of obama care taxes begin in january. that's not even part of the fiscal cliff. that's in addition to the fiscal cliff. we're looking at an avalanche of regulations that were drawn up in the first four years of the obama administration, but then conveniently only beginning to be made public after the president's job was secure. his job is secure. now yours may not be, because hundreds of billions of dollars in regulatory costs are hitting the economy. look at what epa and others are doing. >> right. but grover, speaking of magicianship, you appear to be doing that right now. it looks like rates will increase. that technically is not a good thing for you and your pledge. >> it's a very bad thing for the economy, because what they're talking about is some -- allowing the rates to go back up, not just back up. remember, we go back -- the bush tax cuts disappear and you add the obama care tax increases. so they're taking the top rate not to 39.6, but to 43.4 for half of all small business income in the country. and people at high income earners of the united states. add t
, instead just voting to reinstate a tax cut, that then it sort of president obama's tax cut so he gets credit for that. >> do you have any sense of what will happen around that table today? who called the meeting if there's an agenda or are they going to sit around and stare at each other until one of them blinks? >> we don't have a sense. i'm sure that we will be getting a sense. this is supposed to take place at 3:00 p.m. at the white house. the vice president, president and four top congressional leaders. we don't know what will be said. i think we will likely hear from some camps afterwards. >> if you are wondering what a trip down the fiscal cliff might mean for your paycheck, for your 401(k), look no further than yesterday's dow. at the opening bell, a dive of more than 1%. investors finding little hope for the fiscal cliff compromise on capitol hill. when word came down two sides might be meeting. reversal of fortune. the dow rebounding for a while before finishing slightly lower. >>> a nation this morning remembering the american general credited with orchestrating one of the m
. and the third part is $1 trillion in obama's taxes. that's the obama care taxes they hid from you because they're all scheduled to come in after he got safely elected. >> let's go back to the bush-era tax cuts. for you, given your position, that's really what we want to focus on here. you make the point that democrats could have voted before when they had super majorities or big majoritiemajo and that's a fair point. but in part thanks to you, voting for tax increases is a political death for republicans and democrats. that brings me to my next question. i've talked to republicans and democrats who think we are going to go off the cliff, and here's the reason why. if we go off the cliff, everybody's taxes go up automatically. then congress can come back in january and vote for a tax cut as opposed to tax increases. what do you think about that? >> one of the challenges, of course, is people see this happening. they realize the president has not been negotiating at all over the past three months. we learned days and weeks and months afterwards that they had non-meetings where this is going on.
off to hawaii, president obama was prepared to accept a smaller deal as long as it prevented taxes from going up on middle class americans and extended unemployment insurance. >> i expect democrats and republicans to get back to washington and have it pass both chambers, and i will immediately sign that legislation into law before january 1st of next year. >> reporter: but americans say the uncertainty in washington is casting a cloud over their holidays. >> they are responsible for the well-being of all americans, and right now they're more woern wored about politics. >> i would tell them to get off their butts, because most of us aren't making six-figure incomes and we need every single dime that we have. >> reporter: now, if we go over the fiscal cliff, taxes will increase for most americans. lawmakers will return to washington later this week to resume negotiations. president obama is also expected to cut his vacation short. willie, back to you. >> kristen welker in honolulu this morning. thanks. >>> john harwood is the chief washington correspondent and writing for "the new yo
for. payroll tax, that's $160 million. we have obama care taxes. we know those are going through. >> the payroll tax number going up again? >> payroll tax, i think they're not going to extend it. so that goes up -- >> sooner or later they have to go up. >> that's $160 billion -- >> don't we need that money? >> funding social security. so it's very likely that that tax cut will not be extended into the new year. so there's a chance you have a mild recession, even in real terms, in the first half of next year. the good news, i think, my big prediction, i've had for awhile for whatever it's worth, i think we're developing a new nifty 50 in this country of very, very strong companies that are almost bond proxies. and i know a lot of people think they're expensive, but there's no other alternative. there's no other place to go. >> is the market priced appropriately for your estimation -- >> no, i don't think. >> for the first half of 2013. >> if you look at bottom of analyst estimates for 2013 they're still using 113, 114 for operating earnings, an 11% increase. that's with profit mar
some sort of tax reform. he is not the first president to be really bad with this. george bush had a republican congress and he was quite terrible. it was basically his way or the highway. with obama, he has had an attitude of i would just stand back and let the democratic congress do their will. we have this republican congress now, since the 2010 election, he has not done much to reach out or work with them. dagen: is that kind of attitude, how will that get in the way of getting anything done, particularly today? >> well, yeah, obviously, if people are trying to vote on a deal that includes a tax increase, they should just keep the rates down for people in the rest of the brackets and let obama have his, you know, you do not have to vote for a tax increase. it happens with or without you. you do not have to vote for a tax increase in that way. obama has something to worry about here, by the way. the republicans could even lose the next election because of this. he will have to live with this in the history books. dagen: reelection or legacy? great to speak with you, david. happy
because of surcharges on medicare and a payroll tax surcharge because of obama care, am i right on that? >> you're right. if you look at it, incomes are really going to go back to where they were during the meltdown. the american economy will not have moved forward for many households. >> and the payroll tax holiday will end automatically. an immediate 2% cut to disposable take home pay. thank you, michelle? >> you say sequester, i say sequester. let's call it all off. >> the dow is trying to hold onto the 13,000 level. let's see if it can hold by 113 points. 13.79 as it grows increasingly clear that they may not, probably cannot get it done. hamilt hampton pearson is here. >> we're down to, if you will, coffee cup politics. two simple words, rise above, on coffee cups and on cups of coffee at all 120 starbucks locations here in the washington area urging lawmakers and the white house to do something with these final days to get some sort of deal. about 500 cups of coffee on what is arguably a slow day just to get that message out, and what we're really finding in talking and spending a
a possibility. confidence in america will be shaken. the financial markets may take fright. president obama believes it is time for the wealthiest americans to pay more in taxes. he has made that part of his negotiating position. he criticized republicans for resisting these tax increases. >> they said the biggest party is making sure we deal with the deficit and a serious way. the way they're beating is their only priority is making sure that tax breaks for the wealthiest americans are protected. that seems to be their only overriding unifying theme. >> the republican party argues it is ready to deal. it is the president and democrats were not. >> there's no single issue that remains an impossible sticking point. the sticking point appears to be a willingness and interest, frankly, their courage to close the deal. i want everyone to know i am willing to get this done. but i need a dance partner. >> if republicans and democrats don't join the dance soon, america will enter the new year and a state of heightened political and economic uncertainty. congress can choose to put a stop to this as
that obama will discuss measures for avoiding the rest of the automatic spending cuts and tax hikes that will bite if lawmakers fail to come up with a plan. >> pessimism remains the prevailing mood in washington as the january deadline rapidly approaches. neither democrats nor republicans have any new proposals for a workable compromise. >> the starbucks coffee chain has urged its workers in washington, d.c., area to write "come together" on the cups, a plea for party leaders to work out a compromise, but some customers say that is not enough. >> i mean, i like with starbucks is riding on the cups. i wish they would write, like, something else, like "republicans, stop being stupid." >> i think the solution will probably be neutered and not very effective, but ultimately, i think they will avoid the fiscal cliff. >> but neither side appears willing to give in. democrats, for example, are frustrated that republicans will not agree to raise taxes on the wealthy. >> the majority of rich people in our great country are willing to pay more. the only people who disagree with that are repub
president obama. but we're also -- we sort of said tonight is the deadline and that's true because a lot of the tax cuts expire at midnight. the sense we're getting from a lot of sources and from members of congress is that perhaps tonight isn't a hard and fast deadline. mitch mcconnell and the vice president are negotiating in earnest to find a deal. but it's sort of difficult to see how exactly that may come to be by midnight and have votes in the senate and house. the thought is that going over the cliff gives cover for some democrats and certainly some republicans. there will be a lot more pressure after the cliff comes to be to put a solution in place. even after midnight were to come and go, we would see them wo working towards an agreement, e we would expect. >> politicking around a cliff that was always meant to be sort of the suicide that would never be. john avalon said, congress is raising to diffuse a time bomb that congress wired. >> reporter: that's true. the thing is, and we will continue to be in this process. now the expectation, obviously, is that dealing with the long-
taxes on americans earning more than two of the $50,000 a year. >> republicans want taxes to stay where they are. >> others want to see government spending to inject. >> the president--has said nothing about the addition about the spending of his administration. >> president obama said he is willing to do that. >> i offered over a trillion dollars in additional spending cuts so that we would have $2 of spending cuts for every $1 of increased revenue. >> the senate reconvenes at 11:00 a.m.. as americans celebrate the beginning of 2013 they may wake up wishing it were 2012 when they had more money in their pocket-andrew spencer reporting. >> secretary of state hillary clinton was hospitalized with a blood clot. >> doctors say the same medical problem related to a concussion she recently suffered. >> a blood clot was found yesterday doing a follow-up medical visit. you remember 65 year-old clinton suffered a concussion several weeks ago after fainting while recovering from a stomach virus. >> let us bring it over to erica regarding our forecast. we have a driver is it? >> in to wednesday i
? >> two years ago obama and the democratic house and the democratic senate extended all the bush tax cuts for two years. >> and at that time the president said it would not happen again. >> but the president also did it because he said it would hurt the economy not to. now that he's safely in his job, that doesn't seem to be keeping him up at night that other people may lose jobs. >> are you afraid, mr. secretary, that if the u.s. were to really go over the u.s. fiscal cliff that the economy would go back into recession, unemployment would go from 7% to over 9%. that thousands of people would lose their jobs? >> no, wolf. i don't think there would be a permanent situation where we went over the fiscal cliff and nothing was done. my point is that if we went over the fiscal cliff and tax rates went up and spending cuts were substantial, that republicans would be under a huge pressure, even greater pressure than they are now to agree to a democratic initiative to cut middle class taxes and also restore the spending cuts that really do need to be restored. especially for the middle class and
reported that president obama presented a plan to increase taxes on income over a quarter million dollars per year, as part of the deficit reduction plan to deal with american debt. he would probably say to the congressional leaders that need to figure out a way to get it through, but i think the expectations in washington of a deal are low with only three, four days left until the new year and the media tax hikes and spending cuts taking and -- kicking in. >> that means perhaps heading back into recession? >> yes there is little doubt in washington about the seriousness of the sick jubilation. the problem is withdrawing government demand from the economy too big spending programs cuts with a smothering effect on the tax hikes will have been very damaging effect on the was economy and by extension the world economy. people know it is serious, but the politics, we know that the house and senate republicans do not want to increase taxes on anybody, so it is very difficult to see how a package can get through congress, certainly in time for the new year. one guess is that they could that the
for you. >>> the u.s. is set to go over the fiscal cliff in five days. that means taxes will go up for nearly every american. dramatic spending cuts will kick in. president obama and congress will be back from vacation tomorrow. but will anything get done? >>> plus, wild winter weather sweeping through the country. we'll bring you the latest details on which part of the u.s. could be hit next. cnbc's "worldwide exchange" starts now. >>> and welcome to a special edition of reside worldwide. ross andcle reoff today for boxes day in -- kelly are off today for boxing day. for now, you is us. >> we'll start with a brief check on the markets. energy and metals are trading higher now, wtis up about 55 cents. brent crude up 65 cents. also want to check in on the gold price, as well. gold right now down about slightly under the flat line there, 1,-658. well below the 1,700 mark. the cme globex has been closed for christmas. it's going to reopen at 6:00 a.m. eastern time. that goes for treasuries and the foreign exchange market, as well. >> as for action in the overseas markets, the u.k. is
or not all of our taxes go up. president obama and congressional leaders with trying to come up with this last-minute deal to avoid the so-called fiscal cliff, the massive tax increases and spending cuts to take place in four days. the president and vice president will be meeting with house speaker john boehner, minority leader nancy pelosi, senate majority leader harry reid, and minority leader mitch mcconnell. and watching all this, jessica yellin live at the white house. jess, what do we think is going to happen here? >> reporter: well, based on the expectations around town, the thought is the president and democrats will lay out an alternative, scaled-down proposal. and there will be discussions about what could be in the details of a proposal they could vote on, in theory, this weekend. the ideal outcome would be all the members agree to the terms of that deal. and then the two senators in the room agree that they can get their parties to bring it to a vote with no one filibustering it. and then on the house side, speaker boehner would agree that he will put it on the house
to a close, the head of aetna is back with us winding up for higher taxes in 2013 thanks to obama care. wait until you hear how high he thinks they could go. you're watching cnbc, first in business worldwide. stamps.com is the best. i don't have to leave my desk and get up and go to the post office anymore. [ male announcer ] with stamps.com you can print real u.s. postage for all your letters and packages. i have exactly the amount of postage i need, the instant i need it. can you print only stamps? no... first class. priority mail. certified. international. and the mail man picks it up. i don't leave the shop anymore. [ male announcer ] get a 4 week trial plus $100 in extras including postage and a digital scale. go to stamps.com/tv and never go to the post office again. >>> well, we're getting numbers in. turns out retailers saw the weakest holiday season since 2008 hurt by bad weather and more uncertainty about the rising tax increases that could come next year. we're wondering if the concerns will continue to keep shoppers from spending into 2013. >> let's ask our guests. ladies, thanks
on increasing taxes, that we shouldn't do that. you know what obama said three days after a point to listen to you, especially when they disagree? he said i want come at you last time i trump on that. a week later he said i want the folks who got us in this mess to do a whole lot less talking and a lot more listening. you can talk a little bit, but i want you to stand beside mine while we clean this up for you. unbelievable, condescending notion of unifying the country and bringing us together. instead, there came the steady mantra of attack and vilify the other side. no ideas. it was just like his 2008 campaign for president was not idea of the spirit is hope and change, lofty speeches with no substance with the letter. he was going to be the post-partisan president and yet almost immediately it was conservatives are hostage takers. they are the economy. they care only about millionaires and billionaires are not children with autism and down syndrome. now what does this approach? why did obama and his administration common wanting to vilify the other side with his intense hatred? it was br
almost run out. with steep tax hikes and deep spending cuts looming, president obama used the power of his office to turn up the pressure on congress, making a quickly arranged appearance in the white house briefing room friday. >> the hour for immediate action is here. it is now. i'm modestly optimistic that an agreement can be achieved. >> reporter: the president repeatedly tapping into the public's frustration to bolster his argument. >> the american people are not going to have any patience for a politically self-inflicted wound. ordinary folks, they too their jobs. the notion that our elected leadership can't do the same thing is mind-boggling to them and needs to stop. >> reporter: the stern words came on the heels of an hour-long meeting with congressional leaders. sources close to the talks say mr. obama gave lawmakers two options. either come up with a bill that can pass both houses or allow a vote on his plan which among other things would extend unemployment benefits and tax breaks for those making $250,000 or less while allowing rates to raise on wealthier americans. som
the worst recession since the great depression. so president obama agreed to extend the tax cuts for two more years in exchange for congress extending federal emergency unemployment benefits. those cuts are expensive. if they're extended, by 2020, the bush era tax cuts will be responsible for more than half the total national debt. democrats insist that taxes go up for the wealthy, but stay in place permanently for those earning less than $250,000 a year. >> we need to stop the job-killing tax hikes, and we need to start cutting spending now. >> reporter: republicans refuse to play ball. they say no higher rates on the rich, no tax hikes on anyone. based on an ideology that calls for government to be as small as possible. its roots are as old as american politics but today the philosophy's main spokesman is this man, grover norquist, president of americans for tax reform. norquist's pledge, signed by almost all republicans in congress, forbids signatories for raising taxes ever, under any circumstances. things come to a head in the summer of 2011. republicans demand the government reduce
looks like. the one on the table is still the old plan a. president obama's offer to raise taxes on the top 2%, restore the bush era tax cuts for the rest of us. yes there is talk about putting in spending cuts, raising medicare eligibility and changing the inflation measure for social security but that is still the one on the table. then there is the alternatives. the house passing that existing senate bill that's out there that would raise taxes on the top 2%. that doesn't include sequestration though. sequestration could happen so they have to either let it happen or insert some kind of stop-gap in there. the other one of course is just literally to extend everything for another month. extend all the cuts to the end of january and simply delay sequestration and of course that is the least desirable but that may be in fact the one that happens right now. let's move on and show you the market is still not very worried about it. the five-month high on an intraday basis on friday but still staying within that trading range that has been in for a while now. not really busting out a
with obama care. that's how the senate has done on a bipartisan basis, tax bills for i think the last 30 years. they deem this stuff -- they voted. they go home and say, look what we accomplished. nobody knows what's in the bill. none of the details are clear. there have been no hearings, no mark ups no amendments. this is as bad as the original obama passing a $780 billion stimulus that nobody had read. or nancy pelosi saying you have to pass the bill to know what's in it. i don't think any republican ought to be touching this stuff. >> mr. speaker, hold on for a second. alley vels i velshi is with us. >> speaker, sorry to bother you while you're on vacation. listen, you called this an artificial creation of washington. you have actually suggested the many things that make up the fiscal cliff be divided up and tackles separately. i want you to listen to what president obama said earlier today and get your comment on it. let's listen to this. >> we're going to solve this problem instead in several steps. >> speaker gingrich, do you think this is the way to do it? we're at an impasse. are
it clear a deal was very close. >> president obama told supporters this afternoon that there has been progress in avoiding a hike in middle class tax autos preventing that tax hike has been my top priority. >> the president said the deal being worked outwqjx between the senate republican leader mcconnell and vice president will extend current tax rates for households making up to $450,000 per year, increasing estate tax rate from 35% to 40%, and extend unemployment benefits one year. sticking spoint how long to push off massive mandatory spending cuts to the pentagon and domestic program goesing into affect in the new year, democrats want a one year extension, republicans insifrting on sooner. the president issued this warning about cuts only strategy. >> if they think that is going to be the form larks they've got another thing coming. it's not how goitsing to work. >> republicans bristledíróqj2lt remarks. >> it was dismissive and insulting. belittling and in the end, sad. >> senate republican leader mitch mcconnell didn't join n after months of refusing to vote, he said now is th
in washington today after a short break with just days before the onset of the so-called fiscal cliff. obama and republican leaders remain at a crossroads on reaching a budget deal before the combination of spending cuts and tax hikes kicks in with the new year. on wednesday, treasury secretary timothy geithner told congress the u.s. will reach its federal borrowing limit on new year's eve, threatening the same default that was narrowly avoided last year. in a letter to lawmakers, geithner vowed to take extraordinary measures to avoid a new default but said any remedies would only be short- term. the u.s. has acknowledged for the first time a carried out a september drone strike that killed 11 people in yemen. the victims were packed into a truck on a desert road in a town of radda when they're struck by a missile. the washington post reports the yemeni government tried to hide u.s. responsibility for the attack by taking credit for carrying it out. the yemeni government also initially claimed only militants were killed in the strike, or forced to withdraw that claim after mourners tried to
with their jobs. >> mitch mcconnell was are riding on capitol hill just hours before meeting with obama. >> we are going to see if we can get there in the next 24 hours. i am hopeful and optimistic. >> politicians on both sides have the responsibility but the president's tax hike will not do much to address the debt. >> the top 25 of american will not even pay one-third of the annual interest that is owed for this 16 trillion dollar debt. >> washington will return before the end of the year but they are likely to be burning the midnight oil. >>> we'll take a quick break on kron 4 news weekend. but first, let's take a live look outside at san francisco from our roof cam here on van ness avenue. let's take a quick look outside this morning at san francisco. outside this morning at san francisco. oh, you have a keurig vue brewer? oh, it's great! now i can brew my coffee just the way i love it. how do you do that? well, inside the brewer, there's this train that's powerful enough to carry more coffee and fresh water to make coffee that's stronger and bigger... and even hotter! actually, i just pre
. >> we cannot let washington politics get in the way of america's progress. >> reporter: mr. obama met with top party leaders friday, calling on them to either reach a compromise or allow a vote on his plan that would among other things raise taxes on those making more than $250,000. >> i believe such a proposal could pass both houses with bipartisan majorities as long as these leaders allow it to come to a vote. >> reporter: missouri senator roy blount delivered the republican response sharply criticizing the president's proposal. >> the president's proposal to raise taxes on the top 2% of americans won't even pay one-third of the annual interest now owed on the massive $16 trillion debt. >> reporter: in the political cliff hanger sources close to the talks say senate leaders harry reid and mitch mcconnell are drafting a small plan that could include extending unemployment insurance benefits pro-tkting about 30 million americans from paying the alternative minimum tax and allowing tax rates to increase on the wealthiest americans, but this issue remains a major sticking point with man
they can't get the basic things done over the budget. these philosophical differences over taxes and spending remain. they are more entrenched. this is what i think changed. i think a second-term president obama will work harder to jam up the republicans, not to confuse them or lure into compromise but to put more political pressure on them to expose their divisions and internal discord. whether that creates leverage, we'll see. his relationship with congress has been very difficult. his view is that he doesn't have a legitimate partner. how do you get something done on immigration? on medicare reform, and gun control legislation, which the president says is a priority which requires a great deal of political help? it seems to be shorter than four years, in what the president can do in a time period before mid-term elections. >> a lot of things on the agenda. thanks, again. you can see david's entire interview with president obama this morning on "meet the press." >>> good morning, jenna, for a check of the other top stories >>> stunning new pictures are out of a plane crash just
to block an up or down vote on the president's proposal of tax hikes for everyone over $250,000. >> john harwood joining us from washington this evening. thanks so much, john. >>> and a program note. david gregory will have an exclusive interview with president obama on the fiscal cliff crisis this sunday on "meet the press." >>> and now to the weather. and more snow is on the way as we head into the new year's weekend, and that may not be the end of it. the weather channel's chris warren joins me now. chris, good evening. >> good evening to you, too, natalie. we are watching a storm right now developing that will bring some snow to the northeast. the satellite does show that storm right now taking shape in the southeast, and it is going to move into the northeast. it's tapping into some gulf of mexico moisture. we're going to watch the timing right now. tomorrow morning, snow will be flying in the ohio valley throughout much of pennsylvania. during the day, moving into philadelphia, new york city and then into connecticut and boston by the evening. some of this blue in here, as the stor
's insistence that the wealthy pay more in taxes. >> the president's tax hook would only fund the government for eight days. americans deserve to know what is the president -- what does the president propose we do for the other 357 days of the year. >> reporter: president obama insists his plan on the table is fair and includes plenty of cuts to government spending. >> we just can't afford a politically self-inflicted wound to our economy. >> reporter: if sunday's negotiations don't pan out, the president said he's ready to propose his own scaled-back bill that would block tax increases for all but the wealthy. and preserve expiring unemployment benefits. with the deficit ticking ever higher, patience is wearing thin. >> for those of us who invest in the stock market, it's disgusting to watch them jockey around with our money. >> reporter: missing in all the last-minute negotiations is talk of the $1.2 trillion of mandatory spending cuts scheduled to go into affect today. tara mergener for cbs news, washington. >>> former president george h.w. bush is 88 years old and sent to the hospital la
and the tea party really knocked barack obama for a loop and took control of the house and everything happened after that. the tax cut deal, big fights over the budget and the debt ceiling and deficit reduction and also the bin laden grade and reagan but happened in egypt and libya. so i'm looking at how obama made the decisions he made and why he took the actions he took in that very perilous time politically would also explain how this is all done in a way to set up the 2012 campaign that we just went through. he had a theory indy to do big hit in 2010, yet the theory that he could make the 2012 race a choice not just between him and mitt romney but a choice between different ideologies and different approaches to government and values. everything he did in that timeframe he kept trying to tether to this big idea. when i wrote the book of course we didn't know how things were going to end up on november 6, 2012. i looked at how he developed his governing strategy and electoral strategy and it really dominated. this is the back story to what happened with this presidential campaign. >> david
about news. we do begin with the 11th-hour scramble to keep your taxes from going up and avoid that so-called fiscal cliff in washington. president obama has called the top congressional leaders to the white house this afternoon, for the first talks in more than a month. but hope for a new deal is fading. just yesterday, the senate majority leader is accusing the speaker of running a dictatorship if there's no deal within four days. just about every american will see their taxes go on up. >>> and this morning, more snow is threatening to make holiday travel difficult for millions of americans. as sam has been telling us, snow is falling across the upper midwest and will be moving into the northeast tomorrow. meantime, the recovery from the last storm is just beginning. 135,000 homes and businesses still without power in arkansas alone. many of them could be in the dark through next week. >>> and this morning, russian president vladimir putin has signed a highly controversial bill which bans americans from adopting russian children. dozens of pending adoptions now frozen, even cases whe
's recent designation as a u.n. world heritage site. the obama family celebrated the president's birth place in hawaii and, yes, christmas brings us one day closer to possibly the fiscal cliff, the huge tax increases, spending cuts that could take effect in one week or so. brianna keeler is watching there in hawaii, joining us with the update. first of all, how is the president, how is the first family spending the holiday? >> presumably right now they are sleeping in, suzanne, because it is still very early here as you know. >> what time is it? >> we are expecting of course they'll have a christmas. let's see. 6:00 in the morning bright and early. we've been at it for a few hours. we expect them to have a nice christmas meal at the house they're renting. the white house chef is here. maybe we'll get details on what they are going to eat. there is nothing on the president's public schedule. he is frequently gone and visiting with troops in the past so we wouldn't be surprised if he did that again today. i will tell you that bo the dog is actually along for the ride here in hawaii and the whi
to oppose president obama as strongly as possible. the incentive for the party as a whole is, you know, look, the legislative landscape is tilted very strongly against republicans right now. taxes are going to go up in some sense no matter what. for the long term future of the party, it's probably better to sort of retreat and find new ground to fight on. you have those sort of dueling imperatives at work. >> ross and cornell, thank you both, and we'll see what happens on monday. >>> more breaking news coming up. a rare case of lawmakers over on the senate side actually getting something done. something that the hard-hit survivors of hurricane sandy are counting on. >>> also, we'll tell you about people who got the job of going after unethical lawmakers and bipartisan efforts by lawmakers to eliminate those watch dogs, keeping them honest. [ sniffs ] i have a cold. [ sniffs ] i took dayquil but my nose is still runny. [ male announcer ] truth is, dayquil doesn't treat that. really? [ male announcer ] alka-seltzer plus fights your worst cold symptoms, plus it relieves your runny nose. [ breat
obama for a loop and took control of the house, and then everything that happened after that. the tax cut deal, the big fights over the budget and the debt ceiling and deficit reduction, also the bin laden raid and what happened in egypt and libya. and so i'm looking at how obama made the decisions he made and took, and why he took the actions he took in that very perilous time politically, but also explain how this is all done in a way to set up the 2012 campaign that we just went through. he had a theoryf
's court. leaders there will have to come up with a compromise to avert the tax hikes and spending cuts set to go into effect during the first of the year. president obama had been working with house speaker john boehner, trying to get a big deal, but talks fell apart. so hopes for that have all but faded, the president conceding he would accept a smaller measure as long as it includes taxes going up on the wealthiest americans. if the country goes over the cliff, economists warn it could be dire. the average american would wind up paying about $2,000 more in taxes and eventually, savannah, if we go over the cliff and stay there, the economy could dip back into recession. now, lawmakers are also headed back to d.c. in fact, the senate is back in session tomorrow. savannah? >> short holiday. lot of work to do. kristen welker in honolulu. thank you. willie? >>> former president george h.w. bush spent his christmas in a hospital after a series of setbacks delayed his release. janet shamlian is there for us. good morning. >> reporter: willie, good morning to you. doctors had hoped to speend the
be able to put aside their differences and hammer out a deal to stave off most big tax hikes for the most americans? we'll head to washington next. >>> welcome back to "worldwide exchange." >> president obama calls congressional leaders to the white house in what could be the last chance to restart talks before the u.s. falls off the fiscal cliff next week. >>> a lackluster trading week of the year, but european equity markets are setd to post double digit earns for 2012. >>> and italy sold 6 billion ur he rows of longer dated paper. >>> and japan says other countries have no right to lecture japan on its currency policy. instead, calling for the u.s. to seek a stronger dollar. >>> let's check in on futures again and see if i can get the math right this time. dow jones industrial is poised to shed about 50 points at the open. similar declines with the nasdaq and the s&p 500. this would continue a string of lows which we've seen over the last four trading sessions. better than 2% of a drop for the nasdaq, which is also down about .8% for the month of december. so not much of a santa rally
,000 would see their taxes go up a whopping $5,300 per year. taxes will go up the same amount underneath the democratic and republican plans if no deal is reached. just one day after the christmas holiday, president obama is packing his bags, heading back to washington to try to forge a deal on the fiscal cliff, with just six days left to negotiate, a deal to avoid the catastrophic cliff, the president will leave hawaii tonight to try to work on a bargain between democrats and republicans. brianna keilar is traveling with the president in hawaii and joins us now. good morning, brianna. did the president cut his vacation short or was it planned all along? >> reporter: he did cut his vacation short from what was initially planned which was to go through the new year, so yes, he cut it short. i think we have a sense he might be heading back to d.c., carol, you'll recall when talks fell apart last week between house speaker john boehner and the president as the president departed for hawaii he talked to reporters in the briefing room and he said "see you next week" so i think we had a sense
. back to our top story. all eyes on washington where president obama will meet with congressional leaders to make one more attempt to craft a deal to avert looming tax hikes and spending cuts. with most of the hoist members on vacation until sunday night, no plan in sight. how much can actually be accomplished. susan fereccio joins us now. chief congressional correspondent for the "washington examiner". we're seeing dianne feinstein there on the senate floor. it is vacant on the house side. so in truth how much is really going to get done? >> well, gregg, a lot of this negotiations are really taking place between the leadership levels right now. we don't really have to worry about what is happening on the house floor. it's about what is going on at the white house. now, the president today is going to meet with congressional leaders from both parties, both chambers. they will sit down. they will talk about a potential deal. the president might offer something that maybe the republicans could go for. it wouldn't be a sweeping deal. gregg: like what? >> might be something smaller. w
out in the world though it is hard to find in washington these days. president obama spending holidays in beautiful hawaii where reports now surfaced where he is looking to strike a smaller fiscal deal that would extend tax cuts for the middle class but not tackling any spending cuts. chief white house correspondent ed henry is live in honolulu with more. ed, for the first time, people like joe lieberman are saying i really think we'll go over the cliff. what do you hear? >> reporter: it's a real possibility, you're right. we're a week out. people on both sides have been talking this thing to death. it might need a christmas miracle at this point to avoid going off the cliff. the president scaled back plan basically would extend unemmoment benefits for two million people who will lose them a week after christmas if there is no deal. he also wants to extend tax cuts for 98% of americans. you heard him talk about that again and again. that level of $250,000 or less. the republicans have not afreed to that on the hill obviously. when you talk to folks like senator lindsey graham, they say
the talks with president obama and speaker boehner athat they were looking at the grand bargain that would include tax increases and changes to social security, changes to medicare, cuts in defense spending potentially as well. we're talking $3 to $4 trillion in changes over years. now it's going to be modest and that may include changes to the tax code. but they're going to have to come back in 2013 no matter what and talk about changes in med sare and social security and address the debt ceiling as well. host: these are two comments and they reflect the frustration in the country. how is the bickering back and forth solving anything fplgt all government spending should be on the table for spending reform. and the other viewer says obama and the other i had yots until the white house are doing what they do best, talk. guest: right after the election we heard them say the election is behind us, we can put down our swords and get down to doing the country's business. that evaporated within days and now we are back to where we were in the summer of 2011 where everyone is back in their corner
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